Former Reserve Bank governor blasts Coalition

Mr Fraser has accused the Opposition of “brazen” and unprecedented scaremongering over Australia’s debt levels.

In a speech in Sydney, he has also criticised the Coalition’s stand against the mining tax.

And he says its opposition to the Federal Government’s stimulus spending is a “blot” on its economic record.

“Labor’s stimulus package was a stunningly successful response to the GFC [global financial crisis]. It kept businesses afloat and preserved jobs for hundreds of thousands of Australians who may well otherwise have become unemployed,” he said.

“I think the electorate should be reminded that the Coalition under [Malcolm] Turnbull voted against the stimulus package. And that, to me, is an indelible blot on the Coalition’s economic management credentials.”

Mr Fraser has also questioned what he calls the Opposition’s obsession with Government debt.

He says the current debt level is small compared to other leading economies and Australia in the 1990s.

“It scares the pants off them and they seek to similarly spook the public, quoting horrendous numbers of billions of dollars of debt for every man, woman and child in the country,” he said.

“The brazenness of this scaremongering beats anything that I’ve ever seen before.”